Ladder Capital - Q1 2020 Earnings Supplemental Presentation (2020-05-05)

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SUPPLEMENTAL DATA FOR
THE QUARTER ENDED
MARCH 31, 2020
NYSE: LADR
A Leading Commercial Real Estate Investment Trust

S-1
DISCLAIMERS
This presentation contains forward-looking statements regarding possible or assumed future results of the business, financial condition, plans and objectives
of Ladder Capital Corp and its subsidiaries and affiliates (collectively, “Ladder Capital,” “Ladder,” “LADR,” or the “Company”). Any statement concerning future
events or expectations, express or implied, is a forward-looking statement. Words such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,”
“estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology are intended to identify forward-
looking statements that are subject to risk and uncertainties. Such risks and uncertainties include, among others, the impact of the COVID-19 pandemic and
of responsive measures implemented by various governmental authorities, businesses and other third parties and the risks and uncertainties discussed in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and its other filings with the U.S. Securities and Exchange Commission.
There can be no assurance that any expectations, express or implied, in a forward-looking statement will prove correct or that the contemplated event or result
will occur as anticipated. In particular, there can be no assurance that Ladder will achieve any performance objectives set forth in this presentation. Further,
any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for Ladder to
predict those events or their effect on the Company. Except as required by law, Ladder is not obligated to, and does not intend to, update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
This presentation is strictly for informational purposes. It is not intended to be relied upon as investment advice and is not, and should not be assumed to be,
complete. The contents herein are not to be construed as legal, business or tax advice, and each recipient should consult its own attorney, business advisor
and tax advisor as to legal, business and tax advice.
Certain information contained herein is based on, or derived from, information provided by independent third-party sources. Ladder believes that such
information is accurate and that the sources from which it has been obtained are reliable. However, Ladder cannot guarantee the accuracy of such
information and has not independently verified the assumptions on which such information is based. All data is presented as of March 31, 2020, unless
otherwise indicated.
This presentation includes certain non-GAAP financial measures. These non-GAAP financial measures should be considered only as supplemental to, and
not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Company’s March 31, 2020 Form 10-Q filing and earnings
press release, which are available on Ladder’s website (www.laddercapital.com), as well as the supplemental financial tables included herein, for a
reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance
with GAAP.
Totals may not equal the sum of components due to rounding.

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Earnings and
Dividends
Investment
Activity
Financing and
Liquidity
Portfolio
Composition
 $7.3 billion in assets, including $3.5 billion of loans (48% of total), $1.9 billion of securities (26%), and $1.0 billion of real
estate equity (14%)
 81% of assets are senior secured and/or investment grade-rated
 77% of loans are floating-rate
Loans & Securities
 Originated $527 million of loans, comprised of $314 million of balance sheet loans and $213 million of conduit loans
 Sold $185 million of conduit loans
 During March and April 2020, sold $408 million of balance sheet loans and securities at an average price of 96% of par
Real Estate (Equity)
 Acquired $6 million of net leased commercial real estate properties
 Received net proceeds from real estate sales of $30 million
 Core Earnings of $30.9 million and Core EPS of $0.26
 After-Tax Core Return on Average Equity (Core ROAE) of 8.0%
 Declared Q1 2020 cash dividend of $0.34 per share of LADR Class A common stock
 Over $830 million of unrestricted cash as of 05/01/2020
 Adjusted Leverage Ratio of 3.8x as of 03/31/2020 (3.4x Company estimated Adjusted Leverage Ratio as of 05/01/2020)
 Enhanced liquidity through asset sales (see Investment Activity above) and extension of several repo financing facilities
 Subsequent to 03/31/2020, closed on over $500 million of non-recourse, non-mark-to market financing through CLO
transaction with Goldman Sachs (“CLO Financing”) and transaction with Koch Real Estate Industries (“Koch Financing”)
Note: As of 03/31/2020, unless otherwise indicated
1. For a description of these financial and non-GAAP financial measures, see Selected Definitions on page S-20
FIRST QUARTER 2020 HIGHLIGHTS1

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Committed Loan Repo Facilities
$414
(6%) Committed Securities
Repo Facility
$452
(7%)
FHLB
Financing
$487
(7%)
Other Securities
Repo Facilities
$598
(9%)
Non-Recourse
Koch Financing
$197
(3%)
Non-Recourse
CLO Financing
$305
(4%)
Non-Recourse
MortgageFinancing
$806
(12%)
Unsecured
Corporate Bonds &
Corporate Revolver
$2,140
(31%)
Book Equity
$1,501
(22%)
$7.2B
Capitalization
$358M
Unrestricted
Cash
03/31/2020 Capitalization ($mm; as reported)
Since 03/31/2020, Ladder has decreased total & net leverage, increased non-mark-to-market &
non-recourse financing, and significantly increased unrestricted cash balance
IMPROVEMENTS TO CAPITAL BASE
Pro forma for Koch & CLO
financings, securities repo
extensions and asset sales
$6.9B
Capitalization
$830M
Unrestricted
Cash
Debt/Equity (Adjusted Leverage Ratio)
Net Debt2
(excluding Cash)/Equity Ratio
Non-Mark-to-Market Financing3
+ Book Equity as % of Total Capital
Non-Recourse & Unsecured Debt + Book Equity as % of Total Capital
3.8x
3.4x
67%
62%
3.4x
2.8x
75%
72%
05/01/2020 Capitalization ($mm; Company estimate)
Committed Loan Repo Facilities
$537
(7%)
Committed Securities
Repo Facility
$478
(7%)
FHLB
Financing
$1,008
(14%)
Other Securities
Repo Facilities
$712
(10%)
Non-Recourse
MortgageFinancing
$806
(11%)
Unsecured
Corporate Bonds &
Corporate Revolver
$2,140
(30%)
Book Equity
$1,501
(21%)
1. Represents 03/31/2020 reported book equity value for illustrative purposes
2. Net debt excludes total cash on balance sheet of $622 million as of 03/31/2020 and $845 million estimated as of 05/01/2020
3. Non-mark-to-market financing includes financing that is subject to credit events only
1

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Secured Debt
Unsecured Debt 1
Unsecured & Secured Debt Maturities ($mm)
Staggered maturity profile in place, further extended with $750 million unsecured bond issuance in January 2020 and
several transactions in April 2020, including Koch financing, CLO financing, securities repo extensions & asset sales
1. Amounts shown for existing unsecured corporate bonds are net of deferred financing fees
03/31/2020
(as reported)
05/01/2020
(Company estimate;
pro forma for Koch
& CLO financings,
securities repo
extensions and
asset sales)
DEBT MATURITY SCHEDULE BY YEAR
$806
$454
$421
$153
$311
$130 $182
$264
$497
$659
$720
$264
$685 $650
$773 $788
$48
$902
$0
$250
$500
$750
$1,000
Q2 2020 Q3 2020 Q4 2020 2021 2022 2023 2024 2025 2026 2027 &
Beyond
$565 million reduction in
debt maturities through 2021
$259
$854
$207 $153 $130 $182
$264
$497
$659
$720
$59
$472
$650
$524
$844
$788
$48
$902
$0
$250
$500
$750
$1,000
Q2 2020 Q3 2020 Q4 2020 2021 2022 2023 2024 2025 2026 2027 &
Beyond

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Superior access to capital with diversified financing sources and substantial undrawn capacity
1. Includes extensions at Company’s option
2. Secured by stock of selected unrestricted subsidiaries
3. Includes $414 million of outstanding committed loan repurchase financing and $452 million of outstanding committed securities repurchase financing
LONG & STRONG LIABILITY STRUCTURE
Remaining Debt Maturities by Financing Type1
($mm; Company estimate as of 05/01/2020)
3
Maturity Year (weighted-average, where applicable)
Facility Size Outstanding 2020 2021 2022 2023 2024 2025 2026 2027
$2,158 $2,140 Total Unsecured Debt (40% of total debt)
$6,916 $4,801 Total Unsecured & Committed Secured Debt (89% of total debt)
$6,916 $5,400 Total Financing
– 598 Short-Term Repo
1,500 487 FHLB Financing
266 266 Unsecured Syndicated Revolving Credit Facility2
806 806 Non-Recourse Mortgage Debt on Owned Real Estate
1,950 866 Committed Bilateral Bank Facilities (7 facilities)3
197 197 Non-Recourse Koch Financing
305 305 Non-Recourse CLO Financing
500 497 5.250% Unsecured Bonds
$731 $720 4.250% Unsecured Bonds (issued in January 2020)
Issuance / Debt

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7
Note: ”Unencumbered asset/unsecured debt ratio net of unrestricted cash” is calculated by deducting unrestricted cash from the numerator and denominator
High-quality, financeable unencumbered asset base – well in excess of amount required by corporate bond covenant
Total Unencumbered Asset Pool
SUMMARY OF UNENCUMBERED ASSETS
Key Unencumbered Asset Pool Highlights
Unencumbered First Mortgage Loans by Property Type
Unencumbered Assets Represent 38%
of Total Asset Base as of 05/01/2020
Unrestricted
Cash
$830
(31%) First
Mortgage
Loans
$1,241
(47%)
Mezzanine
Loans
$122
(5%)
FHLB
Stock
$62
(2%)
CRE
Equity
$85
(3%)
Other
Unencumbered
Assets
$317
(12%)
$2.66B
Total
Unencumbered
Assets
 Superior, financeable, oversized unencumbered asset base
 1.40x unencumbered asset/unsecured debt ratio
($386 million in excess of the 1.20x covenant)
 1.72x unencumbered asset/unsecured debt ratio net of unrestricted cash
 $1.24 billion of unencumbered senior secured first mortgage loans
 $830 million of unencumbered unrestricted cash
Mixed Use
$344
(28%)
Hotel
$296
(24%)
Office
$214
(16%)
Multifamily
$146
(13%)
Retail
$116
(9%)
Industrial
$115
(9%)
Other
$10
(1%)
$1.24B
Unencumbered
First Mortgage
Loans
Unencumbered
First Mortgage Loans

S-8
1. Excludes $8.6 million of noncontrolling interest in consolidated joint ventures
2. Represents purchase of treasury stock and acquisition of shares to satisfy tax withholding on vesting restricted stock
3. Excludes $7.2 million of noncontrolling interest in consolidated joint ventures
Summary of Changes to Book Equity Value Since 12/31/2019 ($mm)
BOOK EQUITY VALUE ROLL-FORWARD
$15.23
$13.56
$14.01
$12.31
Book Value per Share
(Undepreciated & GAAP)
1 3
2
= Undepreciated Book Value
Book Value per Share
(Undepreciated & GAAP)
$1,630
$1,494
$1,823
($44)
$14
($6) ($14)
($78) ($9)
$1,689
12/31/2019
Book Equity Value
Distributions &
Dividends
Equity-Based
Compensation
CECL
Reserve
Net Income /
(Loss)
Other
Comprehensive
Income
(Securities Portfolio
Markdown)
Other 03/31/2020
Book Equity Value

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Snapshot of Business Lines Total Assets & Liabilities, Book Equity, Leverage and ROE
Balance Sheet Loans Net Leased Commercial Real Estate (100% Owned) Total Assets
Carrying Value of Assets $3,433 Carrying Value of Assets $671 Cash & Cash Equivalents $358
Secured Financing on Assets 1,011 Undepreciated Book Value of Assets 807 Loans, Securities & Real Estate 6,764
Net Equity Invested (excl. Corporate Debt) 2,422 Secured Financing on Assets 528 Accumulated Depreciation & Amortization (207)
% First Mortgage 96% Net Equity Invested (excl. Corporate Debt) 279 Other Assets4
416
% Other (Mezzanine/Subordinate) 4% Total Square Feet 5,382,354 Total Assets 7,332
Weighted-Average Coupon 6.4% Weighted-Average % Leased 100%
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $51.9 Total Liabilities
Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,874
Unsecured Revolving Credit Facility 266
Conduit Loans Total Unsecured Debt 2,140
Carrying Value of Assets $147 Diversified Commercial Real Estate2,3
Secured Financing 3,541
Secured Financing on Assets 116 Carrying Value of Assets $375 Total Debt 5,681
Net Equity Invested (excl. Corporate Debt) 31 Undepreciated Book Value of Assets 446 Other Liabilities4
150
Weighted-Average Coupon 3.9% Secured Financing on Assets 278 Total Liabilities 5,831
Origination and Purchase Volume (LTM) $994 Net Equity Invested (excl. Corporate Debt) 168
Loan Sale Volume (LTM) 1,020 Total Square Feet 3,043,487 Book Equity Value
Core Earnings Contribution (LTM)1
40 Weighted-Average Occupancy 80% GAAP Book Equity Value (excl. NCI in JVs) $1,494
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $25.2 Total Shares Outstanding (mm) 120.5
Weighted-Average % Owned by Ladder 86.1% GAAP Book Value per Share4
$12.31
Accounting method: carried at depreciated book value Undepreciated Book Value per Share5
$14.01
Securities
Carrying Value of Assets $1,931 Leverage
Secured Financing on Assets 1,608 Condominium Residential Real Estate (100% Owned) Adjusted Debt (for Adjusted Leverage Ratio)5
$5,681
Net Equity Invested (excl. Corporate Debt) 323 Carrying Value of Assets $1 Total GAAP Book Equity (incl. NCI in JVs) 1,501
% First Mortgage Secured 100% Undepreciated Book Value of Assets 1 Adjusted Leverage Ratio5,6
3.8x
% AAA-Rated 92% Secured Financing on Assets –
% Investment Grade-Rated 100% Net Equity Invested (excl. Corporate Debt) 1 Return on Average Equity (based on Core Earnings)5
Average CUSIP Size $11.8 Total Remaining Units 4 Core Earnings (LTM) $175
Weighted-Average Duration 2.3 Years Unit Sale Price as % of GAAP Book Value (LTM) 102% Average Book Equity Value (LTM) 1,616
Accounting method: carried at FMV Accounting method: carried at depreciated book value After-Tax Core ROAE (LTM) 10.8%
Note: As of 03/31/2020
1. Pre-tax and pre-overhead allocation
2. All metrics shown on a consolidated basis, except Weighted-Average % Owned by Ladder, which excludes the potential effects of partnership / joint venture promote / sharing arrangements
3. Excludes two unconsolidated joint venture investments with total book value of $48.7 million as of 03/31/2020
4. For a description of these financial measures, see Selected Definitions on page S-20
5. For a description of these non-GAAP financial measures, see Selected Definitions on page S-20
6. The Company estimates an Adjusted Leverage Ratio of 3.4x as of 05/01/2020
B
C
D
E
F
A B C D E F
($ in millions, except per share amounts)
A
LADDER SNAPSHOT

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($ in millions)
INVESTMENT PORTFOLIO SUMMARY
Investment Portfolio Core Earnings Contribution
(as of 03/31/2020) (3 Months Ended 03/31/2020)
Carrying Value % of Total Amount of % of Total
Investment Type of Assets Assets Contribution Contribution
Conduit First Mortgage Loans $147 2% $6.5 10%
Balance Sheet First Mortgage Loans 3,310 45% 40.3 63%
Other (Mezzanine/Subordinate) Loans 123 2% 3.6 6%
Provision for Current Expected Credit Losses (49) (1%) – –
Total Loans $3,530 48% $50.4 79%
Securities $1,931 26% $4.9 8%
Net Leased Commercial Real Estate $671 9% $8.1 13%
Diversified Commercial Real Estate 375 5% 0.8 1%
Condominium Residential Real Estate 1 0.02% (0.1) (0.2%)
Total Real Estate Equity Properties $1,047 14% $8.7 14%
Other Investments $110 2% $0.1 0%
Total Investment Assets $6,618 90% $64.1 100%
Cash and Cash Equivalents (unrestricted) $358 5%
Restricted Cash 264 4%
Other Assets 91 1%
Total Assets $7,332 100% $64.1 100%
Corporate Bond Interest Expense (24.1) (38%)
Corporate Operating Expenses/Other (9.2) (14%)
Total Core Earnings $30.9 48%
Investment Portfolio Core Earnings Contribution
(as of 03/31/2020) (3 Months Ended 03/31/2020)
Carrying Value % of Total Amount of % of Total
Investment Type of Assets Assets Contribution Contribution
Conduit First Mortgage Loans $147 2% $6.5 10%
Balance Sheet First Mortgage Loans 3,310 45% 40.3 63%
Other (Mezzanine/Subordinate) Loans 123 2% 3.6 6%
Provision for Current Expected Credit Losses (49) (1%) – –
Total Loans $3,530 48% $50.4 79%
Securities $1,931 26% $4.9 8%
Net Leased Commercial Real Estate $671 9% $8.1 13%
Diversified Commercial Real Estate 375 5% 0.8 1%
Condominium Residential Real Estate 1 0.02% (0.1) (0.2%)
Total Real Estate Equity Properties $1,047 14% $8.7 14%
Other Investments $110 2% $0.1 0.1%
Total Investment Assets $6,618 90% $64.1 100%
Cash and Cash Equivalents (unrestricted) $358 5%
Restricted Cash 264 4%
Other Assets 91 1%
Total Assets $7,332 100% $64.1 100%
Corporate Bond Interest Expense (24.1) (38%)
Corporate Operating Expenses/Other (9.2) (14%)
Total Core Earnings $30.9 48%

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Other
Commercial Real
Estate-Related
Loans
$123mm
Balance
Sheet
First
Mortgage
Loans
$2,973mm
Conduit
First
Mortgage Loans
$147mm
$20 million average loan balance
$3.5 billion total loan portfolio
77% floating rate/23% fixed rate
1. Amounts in these charts shown before $49.5 million allowance for loan losses
2. Includes mezzanine and subordinate loans
2
Loan Type
1
Loan Size
GeographyProperty Type
LOAN PORTFOLIO OVERVIEW
03/31/2020 Loan Portfolio Snapshot (as reported)
$3.2 billion total loan portfolio
81% floating rate/19% fixed rate
Loan Type
1
Property Type
05/01/2020 Company estimate
Below
$25mm:
39%
$25mm–
$50mm:
30%
$51mm–
$75mm:
22%
$76mm–
$100mm
5%
Above
$100mm:
4%
Northeast
32%
South
19%
Midwest
18%
West
14%
Southwest
15%
Various
2%
2
Hotel
12%
Retail
8%
Multifamily
27%
Office
23%
Mixed
Use
18%
MHP
3%Industrial
5%
Other
4%
Hotel
13%
Retail
9%
Multifamily
22%
Office
23%
Mixed
Use
21%
MHP
3%
Industrial
5%
Other
4%

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($ in millions)
LOANS SEGMENT SUMMARY
Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019
Conduit First Mortgage Loans
Carrying Value of Assets (end of quarter) $147 $122 $174 $112 $190
Origination and Purchase Volume 213 392 231 158 175
Weighted-Average Coupon (end of quarter) 3.9% 4.2% 4.6% 5.0% 5.5%
Loan Sale Volume $185 $456 $141 $238 $170
Balance Sheet First Mortgage Loans
Carrying Value of Assets (end of quarter) $3,310 $3,127 $3,098 $2,977 $3,159
Origination and Purchase Volume 314 459 501 260 274
Weighted-Average LTV (end of quarter) 67% 70% 70% 70% 69%
Other (Mezzanine/Subordinate) Loans
Carrying Value of Assets (end of quarter) $123 $130 $133 $143 $144
Origination Volume – 7 – – 7
Mezz./Subordinate Loans % of Total Assets 1.7% 1.9% 2.0% 2.2% 2.2%
Weighted-Average LTV (end of quarter) 67% 68% 68% 70% 68%
Allowance for Loan Losses /
Current Expected Credit Loss Provision
($49) ($21) ($19) ($19) ($18)
Total Loan Portfolio
Carrying Value of Assets (end of quarter) $3,530 $3,359 $3,387 $3,213 $3,474
Weighted-Average Yield (end of quarter) 6.8% 6.9% 7.2% 7.9% 7.6%

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03/31/2020 12/31/2019 09/30/2019 06/30/2019 03/31/2019
Carrying Value of Assets $1,931 $1,721 $1,911 $1,788 $1,619
Weighed-Average Yield 2.2% 3.1% 3.2% 3.3% 3.3%
Number of CUSIPs 164 161 181 188 197
Average CUSIP Size $11.8 $10.7 $10.6 $9.5 $8.2
Weighted-Average Duration 2.3 Years 2.4 Years 2.4 Years 2.3 Years 2.5 Years
% AAA-Rated or Agency-Backed 92% 89% 86% 84% 83%
% Investment Grade-Rated 100% 99% 98% 97% 97%
14%
58%
25%
3% 0.01%
14%
72%
97% 100% 100%
0%
20%
40%
60%
80%
100%
0-1 year 1-3 years 3-5 years 5-7.5 years >7.5 years
($ in millions)
Securities Portfolio Duration Profile (as of 03/31/2020)
Cumulative Portfolio Weighting
$1.1
billion
$1.4
billion
$1.9
billion
$488
million
$1.9
billion
$1.9
billion
$0.2
million$265
million
$265
million
Category Portfolio Weighting
$52
million
Highly-rated, short-duration, highly-liquid securities portfolio
SECURITIES SEGMENT SUMMARY
Note: Weighted-average yield and duration in the table above exclude the impact of Ladder’s $0.2 million of common stock investments as of 03/31/2020

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($ in millions)
REAL ESTATE SEGMENT SUMMARY
Property Type
Geography
03/31/2020 Real Estate
Portfolio Snapshot
Northeast
15%
South
38%
West
15%
Southwest
7%
Midwest
24%
Various
1%
Office
24%
Wholesale
Club
11%
Drug
Store
10%
Dollar
Store
12%
Grocery
Store
9%
Other
Retail
5%
Warehouse
5%
Multifamily
14%
Other
10%
Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019
Net Leased Commercial Real Estate (100% Owned)
Acquisitions $6 $6 $9 $3 $2
Net Sales Proceeds – – – – –
Carrying Value of Assets (end of quarter) 671 671 669 666 670
Square Feet (end of quarter) 5,382,354 5,338,661 5,291,867 5,224,039 5,204,471
Net Operating Income (Rental Income) $13.7 $13.7 $13.0 $13.3 $13.2
Diversified Commercial Real Estate1
Acquisitions $22 $66 – – $18
Net Sales Proceeds 29 – 7 12 –
Square Feet (end of quarter) 3,043,487 3,224,468 2,910,991 3,070,991 3,224,545
Net Operating Income $4.8 $5.6 $4.8 $4.5 $4.6
Condominium Residential Real Estate1
Net Sales Proceeds $1 $1 $0.3 $2 $2
Remaining Condo Units (end of quarter) 4 6 9 10 17
Unit Sale Price as % of GAAP Book Value 84% 120% 94% 96% 99%
Total Real Estate Portfolio
Carrying Value of Assets (end of quarter) $1,047 $1,048 $981 $984 $1,006
1. All metrics shown on a consolidated basis

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INCOME STATEMENT BY QUARTER
($ in millions, except per share values) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019
Net interest income
Interest income $72.6 $76.2 $82.3 $85.3 $86.5
Interest expense 51.4 49.3 51.4 52.4 51.2
Net interest income $21.2 $26.9 $30.9 $33.0 $35.2
– – – – –
Provision for loan losses 26.6 2.0 – 0.3 0.3
Net interest income after provision for loan losses ($5.4) $24.9 $30.9 $32.7 $34.9
Other income
Operating lease income 26.3 25.3 24.4 27.8 28.9
Sale of loans, net 1.0 16.2 11.2 20.3 7.1
Realized gain (loss) on securities 3.0 4.2 3.4 4.5 2.9
Unrealized gain (loss) on equity securities (0.5) 0.4 0.3 (1.0) 2.1
Unrealized gain (loss) on Agency interest-only securities 0.1 0.0 0.0 0.0 0.0
Realized gain on sale of real estate, net 10.5 0.4 2.1 (1.1) 0.0
Impairment of real estate – – – – (1.4)
Fee and other income 1.5 7.4 5.2 7.2 4.7
Net result from derivative transactions (15.4) 5.9 (9.5) (15.5) (11.0)
Earnings (loss) from investment in unconsolidated joint ventures 0.4 (0.2) 1.1 1.6 1.0
Gain (loss) on extinguishment/defeasance of debt 2.1 – – – (1.1)
Total other income $29.0 $59.6 $38.2 $43.7 $33.1
Costs and expenses
Salaries and employee benefits 17.0 15.0 14.3 14.9 23.6
Operating expenses 5.8 5.9 5.3 6.0 5.4
Real estate operating expenses 7.9 5.5 6.3 6.0 5.5
Fee expense 1.4 1.1 2.1 1.2 1.7
Depreciation and amortization 10.0 9.3 9.0 9.9 10.2
Total costs and expenses $42.2 $36.8 $37.0 $38.1 $46.4
Income (loss) before taxes ($18.6) $47.6 $32.1 $38.3 $21.7
Income tax expense (benefit) (4.5) 2.2 1.1 2.2 (2.9)
Net income (loss) ($14.1) $45.4 $30.9 $36.1 $24.5
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (1.5) 0.0 (0.1) 0.3 0.4
Net (income) loss attributable to noncontrolling interest in operating partnership (0.1) (4.8) (3.3) (4.1) (2.8)
Net income (loss) attributable to Class A common shareholders ($15.7) $40.6 $27.6 $32.2 $22.2
Earnings per share:
Basic ($0.15) $0.38 $0.26 $0.31 $0.21
Diluted (0.15) 0.37 0.26 0.30 0.21
Weighted average shares outstanding (mm):
Basic 106.3 106.0 106.0 105.5 104.3
Diluted 106.3 118.9 106.6 105.9 105.0
Core Earnings (pre-tax)1
$30.9 $48.6 $44.1 $51.0 $46.9
Core EPS (after-tax)1
$0.26 $0.40 $0.38 $0.43 $0.40

S-17
CORE EARNINGS, CORE EPS AND ROAE
RECONCILIATIONS BY QUARTER1
($ in millions, except per share values)
Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019
Net income (loss) ($14.1) $45.4 $30.9 $36.1 $24.5
Income tax expense (benefit) (4.5) 2.2 1.1 2.2 (2.9)
Income (loss) before taxes ($18.6) $47.6 $32.1 $38.3 $21.7
(1.5) (0.0) (0.1) 0.3 0.4
Our share of real estate depreciation, amortization and gain adjustments 1.4 8.2 6.7 6.6 5.7
Adjustments for unrecognized derivative results 17.6 (10.7) 1.9 2.2 9.1
Unrealized (gain) loss on fair value securities 1.5 (0.5) (0.2) 0.9 (2.1)
(0.2) 0.2 (0.2) (0.6) (0.0)
Adjustment for CECL reserves 18.6 – – – –
Non-cash stock-based compensation 12.2 3.7 3.9 3.4 12.1
Core earnings $30.9 $48.6 $44.1 $51.0 $46.9
Core estimated corporate tax benefit (expense) 0.3 (1.6) 0.4 0.0 0.3
After-tax core earnings $31.1 $47.0 $44.6 $51.0 $47.2
Adjusted weighted average shares outstanding (diluted) (mm) 118.9 118.9 118.8 118.6 118.2
Core EPS $0.26 $0.40 $0.38 $0.43 $0.40
Weighted average shares outstanding (diluted) (mm) 106.3 118.9 106.6 105.9 105.0
Effect of shares issuable to converted Class B shareholders, unvested restricted stock,
and unvested stock options (mm) 12.6 – 12.2 12.7 13.2
Adjusted weighted average shares outstanding (diluted) (mm) 118.9 118.9 118.8 118.6 118.2
Last Twelve
Months (LTM)
Ended 03/31/2020
Core earnings $174.5 $30.9 $48.6 $44.1 $51.0 $46.9
Average book equity 1,615.9 1,562.0 1,630.4 1,634.6 1,636.7 1,634.1
Pre-tax Core ROAE 10.8% 7.9% 11.9% 10.8% 12.5% 11.5%
After-tax core earnings $173.7 $31.1 $47.0 $44.6 $51.0 $47.2
Average book equity 1,615.9 1,562.0 1,630.4 1,634.6 1,636.7 1,634.1
After-tax Core ROAE 10.8% 8.0% 11.5% 10.9% 12.5% 11.6%
Adjustment for economic gain on loan sales not recognized under GAAP for which risk has
been substantially transferred, net of reversal/amortization
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures (GAAP)

S-18
BALANCE SHEET BY QUARTER
($ in millions, except per share values) 03/31/2020 12/31/2019 09/30/2019 06/30/2019 03/31/2019
Assets
Cash and cash equivalents $358.4 $58.2 $83.1 $126.5 $45.2
Restricted cash 263.9 297.6 38.7 88.9 80.1
Mortgage loan receivables held for investment, net, at amortized cost 3,383.3 3,236.5 3,212.9 3,101.4 3,300.1
Mortgage loan receivables held for sale 146.7 122.3 174.2 112.0 189.5
Real estate securities 1,930.6 1,721.3 1,911.5 1,788.4 1,619.1
Real estate and related lease intangibles, net 1,047.4 1,048.1 981.3 984.4 1,006.0
Investments in unconsolidated joint ventures 48.7 48.4 51.4 57.8 93.8
FHLB stock 61.6 61.6 61.6 61.6 61.6
Derivative instruments 1.0 0.7 0.0 0.5 1.6
Accrued interest receivable 23.2 21.1 22.7 24.3 26.6
Other assets 67.1 53.3 82.4 61.0 101.8
Total assets $7,331.9 $6,669.2 $6,619.9 $6,406.8 $6,525.4
Liabilities
Debt obligations:
Secured and unsecured debt obligations $5,681.0 $4,859.9 $4,860.7 $4,613.1 $4,716.4
Liability for transfers not considered sales – – – – 15.8
Dividends payable 38.3 38.7 2.4 1.9 1.4
Accrued expenses 38.5 72.4 45.8 55.5 34.3
Other liabilities 73.3 59.2 71.8 88.3 113.1
Total liabilities $5,831.0 $5,030.2 $4,980.6 $4,758.7 $4,881.2
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized $0.1 $0.1 $0.1 $0.1 $0.1
Class B common stock, no par value, 100,000,000 shares authorized 0.0 0.0 0.0 0.0 0.0
Additional paid-in capital 1,546.1 1,532.4 1,529.6 1,526.5 1,508.5
Treasury stock (53.0) (42.7) (41.6) (41.5) (40.8)
Retained earnings (dividends in excess of earnings) (94.2) (35.7) (39.9) (30.8) (26.5)
Accumulated other comprehensive income (loss) (65.9) 4.2 10.4 12.2 7.1
Total shareholders' equity $1,333.2 $1,458.3 $1,458.7 $1,466.4 $1,448.3
Noncontrolling interest in operating partnership 160.5 172.1 171.7 172.5 186.3
Noncontrolling interest in consolidated joint ventures 7.2 8.6 8.8 9.2 9.6
Total equity $1,500.8 $1,639.0 $1,639.3 $1,648.1 $1,644.2
Total liabilities and equity $7,331.9 $6,669.2 $6,619.9 $6,406.8 $6,525.4
Adjusted Leverage Ratio 1
3.8x 3.0x 2.9x 2.6x 2.6x
Total Shares Outstanding (mm) 120.5 119.7 119.7 119.7 119.8
GAAP Book Value per Share 2
$12.31 $13.56 $13.56 $13.63 $13.59
Undepreciated Book Value per Share 1
$14.01 $15.23 $15.15 $15.16 $15.09
Distributions per LADR Share $0.34 $0.34 $0.34 $0.34 $0.34

S-19
BOOK EQUITY, SHARECOUNT, AND ADJUSTED
LEVERAGE GAAP RECONCILIATION BY QUARTER
($ in millions, except per share values)
03/31/2020 12/31/2019 09/30/2019 06/30/2019 03/31/2019
Beginning book equity balance $1,639.0 $1,639.3 $1,648.1 $1,644.2 $1,643.6
Net income (loss) (14.1) 45.4 30.9 36.1 24.5
Dividends/distributions (44.3) (41.2) (41.6) (41.0) (40.6)
Changes in other comprehensive income (OCI) (78.0) (6.8) (2.0) 5.6 13.2
Issuance of common stock, net of offering costs – – – – –
Other (1.8) 2.3 3.9 3.2 3.4
Ending book equity balance (Total equity) $1,500.8 $1,639.0 $1,639.3 $1,648.1 $1,644.2
Noncontrolling interest in consolidated joint ventures (JVs) (7.2) (8.6) (8.8) (9.2) (9.6)
Book equity balance excluding noncontrolling interest in consolidated JVs $1,493.7 $1,630.3 $1,630.4 $1,638.8 $1,634.6
Average book equity balance excluding noncontrolling interest in consolidated JVs $1,562.0 $1,630.4 $1,634.6 $1,636.7 $1,634.1
Accumulated depreciation & amortization – net leased commercial real estate 135.8 129.3 122.9 116.6 110.3
Accumulated depreciation & amortization – diversified commercial real estate 70.8 76.3 73.5 72.1 73.4
Accumulated depreciation & amortization – condominium residential real estate 0.2 0.3 0.4 0.4 0.7
Less: JV noncontrolling interests' share of accumulated real estate depreciation & amortization (11.7) (13.4) (13.0) (12.6) (12.2)
Accumulated real estate depreciation & amortization – our share $195.0 $192.4 $183.8 $176.5 $172.1
Undepreciated book value $1,688.6 $1,822.8 $1,814.2 $1,815.4 $1,806.7
Class A shares outstanding (mm) 108.3 107.5 107.6 107.6 106.6
Class B shares outstanding (mm) 12.2 12.2 12.2 12.2 13.2
Total shares outstanding (mm) 120.5 119.7 119.7 119.7 119.8
Shareholders' equity GAAP reconciliation
Total shareholders' equity $1,333.2 $1,458.3 $1,458.7 $1,466.4 $1,448.3
Plus: noncontrolling interest in operating partnership (Class B shareholder book equity) 160.5 172.1 171.7 172.5 186.3
Total equity excluding noncontrolling interest in consolidated JVs $1,493.7 $1,630.3 $1,630.4 $1,638.8 $1,634.6
GAAP Book Value per Share(1)
$12.31 $13.56 $13.56 $13.63 $13.59
Undepreciated Book Value per Share(2)
$14.01 $15.23 $15.15 $15.16 $15.09
Debt obligations GAAP reconciliation
Committed loan repurchase facilities $537.0 $702.3 $760.5 $685.3 $611.4
Committed securities repurchase facility 477.7 42.8 85.5 – 93.8
Uncommitted securities repurchase facility 712.0 1,070.9 940.1 582.1 324.8
Revolving Credit Facility 266.4 – – – –
Mortgage loan financing, net of unamortized debt issuance costs 806.2 812.6 723.3 734.7 739.5
CLO debt, net of unamortized debt issuance costs – – 117.8 263.2 497.3
Participation financing (on mortgage loan receivable) – – – – 2.4
Borrowings from the FHLB 1,007.6 1,073.5 1,076.4 1,191.4 1,291.4
Senior unsecured notes, net of unamortized debt issuance costs 1,874.1 1,157.8 1,157.1 1,156.4 1,155.7
Liability for transfers not considered sales – – – – 15.8
Debt obligations, net $5,681.0 $4,859.9 $4,860.7 $4,613.1 $4,732.3
Less: CLO debt – – (117.8) (263.2) (497.3)
Less: Liability for transfers not considered sales – – – – (15.8)
Adjusted debt obligations $5,681.0 $4,859.9 $4,742.9 $4,349.9 $4,219.1
Total equity $1,500.8 $1,639.0 $1,639.3 $1,648.1 $1,644.2
Adjusted leverage ratio 3.8x 3.0x 2.9x 2.6x 2.6x

S-20
• Adjusted Leverage Ratio (non-GAAP)
̶ Total debt obligations, net of deferred financing costs, adjusted for non-recourse indebtedness related to securitizations that is consolidated on
our GAAP balance sheet and liability for transfers not considered sales, divided by GAAP total equity.
• After-Tax Core Return on Average Equity (After-Tax Core ROAE) (non-GAAP)
̶ After-Tax Core Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Core Earnings (non-GAAP)
̶ Income before taxes adjusted for (i) real estate depreciation and amortization, (ii) the impact of derivative gains and losses related to the hedging
of assets on our balance sheet as of the end of the specified accounting period, (iii) unrealized gains/(losses) related to our investments in fair
value securities and passive interest in unconsolidated joint ventures, (iv) economic gains on securitization transactions not recognized for
GAAP accounting for which risk has substantially transferred during the period and the exclusion of resultant GAAP recognition of the related
economics during the subsequent period, (v) non-cash stock-based compensation and (vi) certain one-time transactional items.
• Core EPS (non-GAAP)
̶ After-Tax Core Earnings divided by adjusted weighted-average shares outstanding.
• GAAP Book Value per Share
̶ Total shareholders’ equity divided by Class A common shares outstanding.
• Other Assets
̶ Includes cash collateral held by broker, allowance for loan losses, investments in unconsolidated joint ventures, FHLB stock, derivative
instrument assets, amount due from brokers, accrued interest receivable, mortgage loans transferred but not considered sold and other assets.
• Other Liabilities
̶ Includes amount due to brokers, derivative instrument liabilities, amount payable pursuant to tax receivable agreement, dividend payable,
accrued expenses, liabilities for transfers not considered sales and other liabilities.
• Pre-Tax Core Return on Average Equity (Pre-Tax Core ROAE) (non-GAAP)
̶ Core Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Undepreciated Book Equity and Undepreciated Book Value per Share (non-GAAP)
̶ Total equity, adjusted to exclude total noncontrolling interest in consolidated joint ventures and adjusted to include our share of total real estate
accumulated depreciation and amortization. Per share information is derived by dividing the preceding amount by total diluted shares
outstanding.
SELECTED DEFINITIONS

Ladder Capital - Q1 2020 Earnings Supplemental Presentation (2020-05-05)

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